Pope Francis has set up a special commission of inquiry to look into the activities of the troubled Vatican bank amid a fresh money-laundering investigation.

The high-powered, five-member panel, which includes four prelates and a woman Harvard law professor, will report directly to pope, bypassing the Vatican bureaucracy which has sometimes been tainted by allegations of scandal and corruption.

The new appointees will have access to documentation, board meetings and management.

The Vatican said on Wednesday the commission would enable the pope to know better the juridical position and the activities of the bank to allow an improved harmonisation with the mission of the universal church.

Vatican spokesman Father Federico Lombardi said the bank was not being put under "special administration" but that the commission would have ample powers to do its job.

The Vatican has promised to redouble its efforts to reform the bank and overhaul its financial legislation following reports of anonymous accounts at the bank being used by organised crime.